Riding a Rising Global Middle Class

An emerging middle class offers a potent path to profits say John Calamos and Nick Niziolek of the Calamos Evolving World Growth Fund.

Searching for promising "emerging markets" is yesteryear's task. You're better off hitching a ride with the rising global middle class.

That's according to John Calamos and Nick Niziolek, who see investing opportunity not just in rosy growth stories in once-poor regions such as China and India, but also in the ugly spread of wealthy-world problems like diabetes. The pair's Calamos Evolving World Growth Fund (ticker: CNWGX) has a wider mandate than a conventional emerging-markets fund: It often buys into American...